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HL

Harding Loevner Portfolio holdings

AUM $10.6B
1-Year Est. Return 19.39%
This Fund
S&P 500
This Quarter Est. Return
+8.38%
1 Year Est. Return
+19.39%
3 Year Est. Return
+79.14%
5 Year Est. Return
+100.61%
10 Year Est. Return
+428.16%
AUM
$12.3B
AUM Growth
-$54.7M
Cap. Flow
-$746M
Cap. Flow %
-6.04%
Top 10 Hldgs %
34.87%
Holding
133
New
31
Increased
21
Reduced
50
Closed
22
Avg Time Held
5.3 quarters
Top 10 Avg Time Held
4.5 quarters
Top 20 Avg Time Held
4.8 quarters

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$335M
2
ITUB icon
Itaú Unibanco
ITUB
+$185M
3
GRFS
Grifois
GRFS
+$110M
4
CBD
Companhia Brasileira de Distribuicao
CBD
+$52.4M
5
TV icon
Televisa
TV
+$48.4M

Top Sells

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$340M
2
EBAY icon
eBay
EBAY
+$135M
3
IMO icon
Imperial Oil
IMO
+$88.9M
4
NKE icon
Nike
NKE
+$61.9M
5
NVO
Novo Nordisk
NVO
+$59.1M

Sector Composition

Rank Sector Weight
1 Financials 20.45%
2 Technology 16.35%
3 Communication Services 16.32%
4 Consumer Discretionary 10.23%
5 Energy 9.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
FFIV icon
26
F5
FFIV
$27.2B
$187M 1.51%
1,924,640
-268,521
-12% -$29M
2013 Q2
10 quarters
CL icon
27
Colgate-Palmolive
CL
$70.4B
$185M 1.5%
2,777,514
-385,342
-12% -$25.6M
2013 Q2
10 quarters
TS icon
28
Tenaris
TS
$28.9B
$182M 1.48%
7,666,982
-874,539
-10% -$22.1M
2013 Q2
10 quarters
PYPL icon
29
PayPal
PYPL
$47.5B
$176M 1.43%
4,864,247
-676,008
-12% -$23.8M
2015 Q3
1 quarter
AXP icon
30
American Express
AXP
$208B
$172M 1.39%
2,468,288
-330,609
-12% -$24.1M
2013 Q2
10 quarters
TV icon
31
Televisa
TV
$1.16B
$152M 1.23%
5,572,855
+1,727,760
+45% +$48.4M
2014 Q4
4 quarters
META icon
32
Meta Platforms (Facebook)
META
$1.83T
$151M 1.22%
1,442,657
-200,429
-12% -$20.6M
2015 Q1
3 quarters
IPGP icon
33
IPG Photonics
IPGP
$3.33B
$151M 1.22%
1,690,243
-240,729
-12% -$20.6M
2014 Q2
6 quarters
MMM icon
34
3M
MMM
$82.5B
$148M 1.2%
1,174,269
-162,103
-12% -$20.8M
2013 Q2
10 quarters
MSFT icon
35
Microsoft
MSFT
$3.97T
$143M 1.16%
2,574,474
-357,772
-12% -$18.8M
2013 Q2
10 quarters
XOM icon
36
ExxonMobil
XOM
$695B
$138M 1.12%
1,770,202
-283,973
-14% -$22.7M
2013 Q2
10 quarters
WAT icon
37
Waters Corp
WAT
$42.6B
$136M 1.1%
1,012,529
-145,648
-13% -$18.7M
2014 Q2
6 quarters
GRFS
38
Grifois
GRFS
$5.08B
$136M 1.1%
10,138,022
+6,533,294
+181% +$110M
2014 Q2
6 quarters
ABBV icon
39
AbbVie
ABBV
$489B
$134M 1.08%
2,261,502
-318,953
-12% -$18.4M
2014 Q3
5 quarters
CRM icon
40
Salesforce
CRM
$189B
$132M 1.07%
1,679,262
-232,960
-12% -$18.2M
2015 Q1
3 quarters
ASR icon
41
Grupo Aeroportuario del Sureste
ASR
$6.95B
$131M 1.06%
932,222
+22,400
+2% +$3.43M
2013 Q2
10 quarters
RHT
42
DELISTED
Red Hat Inc
RHT
$124M 1%
1,494,835
-207,134
-12% -$16.4M
2015 Q3
1 quarter
IMO icon
43
Imperial Oil
IMO
$59.5B
$121M 0.98%
3,737,244
-2,744,239
-42% -$88.9M
2013 Q2
10 quarters
ABT icon
44
Abbott
ABT
$172B
$121M 0.98%
2,689,775
-418,954
-13% -$18.5M
2013 Q2
10 quarters
MON
45
DELISTED
Monsanto Co
MON
$108M 0.88%
1,097,901
-151,947
-12% -$14.3M
2013 Q2
10 quarters
BAP icon
46
Credicorp
BAP
$30.3B
$106M 0.86%
1,085,995
+6,830
+0.6% +$742K
2013 Q2
10 quarters
CGNX icon
47
Cognex
CGNX
$10.6B
$104M 0.84%
6,174,264
-852,178
-12% -$15.2M
2015 Q3
1 quarter
NVO
48
Novo Nordisk
NVO
$171B
$103M 0.84%
3,583,302
-2,135,324
-37% -$59.1M
2013 Q2
10 quarters
CEO
49
DELISTED
CNOOC Limited
CEO
$97.8M 0.79%
936,686
+114,691
+14% +$12.7M
2013 Q2
10 quarters
FMS icon
50
Fresenius Medical Care
FMS
$11.2B
$94.2M 0.76%
2,267,696
-77,890
-3% -$3.28M
2013 Q2
10 quarters
1
2
3 4 5

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FMI
Factory Mutual Insurance Waltham, Massachusetts $10.6B AUM 34.1% 1-Year Est. Return
VAS
Vestmark Advisory Solutions Wakefield, Massachusetts $10.6B AUM 25.02% 1-Year Est. Return
DPIM
Duff & Phelps Investment Management Chicago, Illinois $10.6B AUM 18.62% 1-Year Est. Return
CA
Clearstead Advisors Cleveland, Ohio $10.6B AUM 24.87% 1-Year Est. Return
SCM
SCS Capital Management Boston, Massachusetts $10.6B AUM 19.73% 1-Year Est. Return
FCM
Frontier Capital Management Boston, Massachusetts $10.7B AUM 67.78% 1-Year Est. Return
URS
Utah Retirement Systems Salt Lake City, Utah $10.5B AUM 42.22% 1-Year Est. Return
AAM
Alphadyne Asset Management New York $10.5B AUM 37.62% 1-Year Est. Return

Harding Loevner's Q4 2015 Portfolio in Review

As of Q4 2015, Harding Loevner held 133 positions worth $12.3B, down 0.44% from $12.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Harding Loevner withdrew a net $746M in Q4 2015, closing 22 positions and reducing 50 holdings. Its most notable exit was Alphabet (Google) Class C, an estimated $340M position sold in full.

By sector, the portfolio is most concentrated in Financials at 20% of assets, down from 21% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Harding Loevner opened a new position in Alphabet (Google) Class A worth $353M.

  • Harding Loevner's largest Q4 2015 buy was Alphabet (Google) Class A: 9,064,780 shares worth $353M.
  • Harding Loevner added most to Itaú Unibanco in Q4 2015, an estimated $185M increase.
  • Harding Loevner's biggest Q4 2015 reduction was Imperial Oil, cutting an estimated $88.9M.
  • Harding Loevner fully exited Alphabet (Google) Class C in Q4 2015, selling an estimated $340M.
  • Harding Loevner's ten largest holdings make up 35% of its $12.3B portfolio in Q4 2015.
  • Harding Loevner opened 31 new positions and closed 22 in Q4 2015.
  • Harding Loevner's portfolio value fell 0.44% quarter-over-quarter to $12.3B.

Based on Harding Loevner's 13F filing for Q4 2015, filed 26 Jan 2016.